CSA adopts amendments to investor communication procedures

The Canadian Securities Administrator adopted amendments Thursday designed to improve procedures for reporting issuer communications with investors who hold securities through intermediaries such as dealers, trust companies and banks.

The key changes provide reporting issuers with a new notice-and-access mechanism to send proxy-related materials to registered holders and beneficial owners of securities; require reporting issuers to provide enhanced disclosure regarding the beneficial owner voting process; and simplify the process by which beneficial owners are appointed as proxy holders in order to attend and vote at shareholder meetings.

The amendments take effect on February 11, 2013, except that reporting issuers will only be permitted to use notice-and-access for meetings taking place on or after March 1, 2013.